02072016Sun
Last update: Sun, 07 Feb 2016 05pm

Asia

Markets - Commodities - Asia

China zinc smelters to share information on concentrate imports: sources HONG KONG: Some large refined zinc producers in China plan to regularly exchange information on their imports of concentrate to ensure they receive reasonable treatment charges, sources at two smelters said on Thursday.They plan to form a body similar to copper smelter group the China Smelters Purchase Team (CSPT), whose members often share information on their concentrate imports and metal production.Sellers of zinc or copper concentrate pay treatment charges, which are deducted from the prices that buyers pay for concentrate."We expect strong demand for (concentrate) imports in the future as domestic supply is not sufficient," one of the sources said when asked why the group would be formed. He declined to be identified as he was not authorised to speak to media.Chinese producers of refined zinc, used in everything from vehicles to electronics, have been hit by faltering appetite for the metal as the world's No.2 economy slows.At a November ...

Markets - Commodities - Asia

Asia Coffee-Vietnam trade dull as futures hit fresh low HANOI: Trading in Vietnamese robusta coffee came to a near standstill on Thursday after futures prices hit a fresh low, while in Indonesia limited supply curbed activities, traders said.Stocks are ample after Vietnam, the world's top robusta producer, ended its 2015/2016 harvest early this month, and more beans will arrive in late March from rival producer Indonesia.Robusta futures sank to a five-and-a-half-year low on Wednesday on strong flows from Vietnam and overall weakness in commodity ...

Markets - Commodities - Asia

CBOT wheat signals remain mixed SINGAPORE: Signals remain mixed for CBOT March wheat as it has been stuck in a neutral range of $4.68 to $4.81-1/4 per bushel.The range is formed by the 7 percent and the 14.6 percent Fibonacci retracements on the fall from the June 30, 2015 high of $6.29-1/2 to the Jan. 4 low of $4.56. A break above $4.81-1/4 could lead to a gain to the 23.6 percent level at $4.96-3/4.However, it looks more likely that ...

Markets - Commodities - Asia

Shanghai copper targets 35,530-35,800 yuan range SINGAPORE: Shanghai copper may rise into a range of 35,530-35,800 yuan per tonne, as indicated by its wave pattern and a rising channel.The bounce from the Jan. 14 low of 34,350 yuan consists of five waves, with the current fifth wave labelled e unfolding towards the target zone, which is formed by the 50 percent and the 61.8 percent Fibonacci retracements on the fall from the Dec. 30, 2015 high of 36,700 yuan to 34,350 ...

Markets - Commodities - Asia

Gold keeps near 1-1/2-week top as safe-haven draw remains intact MANILA: Gold stayed near a 1-1/2-week high on Thursday in Asia, its safe-haven appeal apparently intact amid investor caution that a recovery in equities and oil prices could be fleeting.Bullion has benefited from the risk-averse sentiment that has dragged equities and oil to multi-year lows and pushed investors towards assets considered a safe store of value.Asian stocks and crude oil prices regained some lost ground on Thursday but sentiment remained fragile.It's no surprise that gold ...

Markets - Commodities - Asia

Corn extends gains to 1-month top on South African demand; soybeans rebound SINGAPORE: Chicago corn rose to a one-month high on Thursday, climbing for a fourth consecutive session, buoyed by South African imports and expectations of lower US planting this year.Soybean prices bounced back on prospects for higher demand from top importer China ahead of the spring festival next month.Chicago Board of Trade most-active corn rose 0.3 percent to $3.69-3/4 a bushel by 0304 GMT, highest since Dec. 22. Soybeans climbed 0.5 percent to $8.78-1/4 a bushel, ...

Markets - Commodities - Asia

CBOT soybeans' target at $8.99 aborted SINGAPORE: A bullish target at $8.99 per bushel has been aborted and a bearish target at $8.55-1/2 established for CBOT soybeans March contract, as it failed to break resistance at $8.82-1/4.The resistance is provided by the 23.6 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle from the July 14, 2015 high of $10.44-1/4.The projection analysis has also revealed a support at $8.55-1/2, the 38.2 percent level, which ...